Africa
Less than half of central banks engaged in tokenisation work
Respondents widely consider bonds for tokenisation, among other asset class
Financial stability seen as top risk from private digital money
Concerns differ somewhat by region
Majority of CBDCs designed to be domestic only
But a fifth of central banks are working on multi-currency CBDCs
Central banks report 28 operational bitcoin ATMs on average
Jurisdictions with larger institutions have the most machines
CBDCs politicised in one in five jurisdictions
Public and private sectors mostly concerned about privacy of digital currencies
Fintech licences issued yearly remain below 10 on average
Number of fintechs in operation averages just over 60
Central banks keep trialling link between wCBDC and RTGS
Most respondents motivated to issue wCBDC to enable financial innovation
Egypt cuts rates by 100bp and lowers reserve requirements
Central bank continues to reverse tight monetary policy stance as inflation gradually declines
Majority of central banks still lack CBDC issuance powers
Legal mandates are scarce in both larger and smaller central banks
People: Change at the top in South Sudan
Plus new appointments in Austria, Romania and at the ECB
Nigeria opens up official dollar market to bureaux de change
Move aims to strengthen retail FX liquidity and close spreads with exchange rate in informal economy
Two in five CBDCs designed to be programmable
Over half of respondents’ retail CBDC projects are at research phase
Zambia cuts rates by 75bp to 13.5%
Inflation expected to fall to within target range by next quarter, central bank governor says
Working group minutes: strategic planning structures
Central banks are adapting their strategic planning functions and adopting digital tools
Kenya warns against ‘cash flower bouquets’
Floral-style gifts made of glued-together banknotes disrupt ATMs and are illegal, says central bank
Nigeria’s central bank publishes first fintech report
Inaugural edition focuses on how current regulatory frameworks impact innovation
South African central bank holds rates in split decision
Sarb stays cautious as country continues to adjust towards new 3% inflation target
Bank of Ghana slashes rates by 250bp
Institution says fiscal consolidation and plummeting inflation justified additional easing
People: President’s nephew confirmed as BI deputy governor
Plus new governor in Malawi and Croatia’s vice-governor to become minister
Vast majority of central banks taking action on climate risk
Nearly one in five banks reflect climate risk in reserves management and collateral eligibility
Risk management reviews are most common assessment method
Centralised teams are less likely to conduct external or management evaluations